Fundamental Comment

Asian stocks recover after China’s response to pandemic

Asian stocks recover after China response to pandemic

Asian shares recovered on Wednesday’s trading after fears of a global pandemic were reduced due to China's quick response and sincerity in dealing with the disease, which reassured investors about the potential repercussions.

Japan’s Nikkei 225 index surged 0.70 percent to 24,031.35 points.

Australia S&P/ASX 200 finished 0.94 percent up at 7,132.78 and South Korea’s Kospi index ascended by 1.23 percent to 2,267.25.

Hang Seng Index increased by 1.29 percent to close at 28,345.34, while the Shanghai Composite Index was 0.28 percent up to 3,060.75.

China's National Health Commission on Wednesday announced a ninth death from the new coronary virus as the number of infections continues to increase, with 440 cases, so far, infected by the new virus, as hundreds of millions of Chinese prepare for holiday trips this year new lunar.

The disease brought back memories of the severe acute respiratory syndrome (SARS) epidemic in China during 2002-2003, an outbreak of coronavirus that killed nearly 800 people.

China is scheduled to celebrate the Lunar New Year, a major gold-buying event in the region, starting at the end of this week, but investors are worried about contagion as hundreds of millions travel for the New Year's holiday.

The disease, which began in Wuhan in China, has spread to the United States, Thailand, South Korea, Japan and Taiwan.

Meanwhile, the dollar index, which tracks the green currency’s movements versus a basket of six major currencies, rose by 0.14 percent at 97.43.

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